06 Jun 2003
Page 1
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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jun 06, 2003
Page
1
The Labor Department reports seasonally adjusted jobless claims rose by 16,000 to 422,000 for the week ending May 31, the highest since late April, while May retail sales edged up modestly amid weak consumer spending and rainy Northeast weather.
Freddie Mac reports a 30-year fixed rate at a record 3.25 percent for the week ending June 5, the ninth all-time low this year and the lowest in over four decades. One-year ARMs fell to 3.59 percent, while 13-year refinancing rates hit 4.66 percent as hopes of Fed rate cuts grow.
NEW YORK 4P The nation’s largest retailers reported only modest May gains as rainy weather and a weak job market restrained spending. Wal Mart posted 2.1 percent same store growth with 10 percent total sales. Gap showed 10 percent same-store gains and 14 percent overall. Sears saw a 19 percent drop in domestic same-store sales and 13 percent lower total sales. Bank of Tokyo Mitsubishi’s tally rose 2 percent. Analysts warned the pace remains sluggish amid unemployment concerns.
Shanghai’s richest man, Chau Ching-ngai, owner of Nongkai Development Group, is under investigation for tax evasion, stock manipulation, and fraud. His wife was detained in Hong Kong amid bribe and loan inquiry. State media and Xinhua-linked reports cite police surveillance and corruption probes by bank regulators and the Communist Party.
Investors set aside weak data and lackluster retail sales as stocks inched higher, keeping the Dow above 9,000 in Thursday trading and the Nasdaq and S&P posting modest advances. Analysts attributed the narrow gains to cautious optimism ahead of Friday job numbers, noting broad participation despite the muted session.
The dollar weakened across major currencies after the European Central Bank cut short term rates by 0.5 percentage points and US data signaled softer labor conditions. The euro surged to around 1.1886 dollars, while the dollar traded lower against the yen, Swiss franc, and Canadian dollar. The market eyed Friday's May jobs report for further clues on dollar strength.
The Labor Department reported 442000 new unemployment claims for the week ending May 31, a five week high that surprised economists who had forecast 421000. Major retailers posted modest May same store sales gains hampered by rainy weather and a weak job market. Abercrombie & Fitch fell 52 cents to 28 77 after May same store sales dropped 7 percent, double the expected decline.
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